3 Ways Retailers Can Survive in the Age of Lockdowns — Lifestyle UG

3 Ways Retailers Can Survive in the Age of Lockdowns and Broken Supply Chains

Retailers across the country have been hit by lockdowns, forcing them to find new ways to stay relevant and operational in the age of COVID-19.

While many restaurants have stayed afloat through delivery service, retailers are now wondering how they can weather the pandemic as well.

Here are 3 steps that could help your business in the age of Lockdowns.

1. Go Digital

The most important thing to do is to ensure that your digital presence is up and running.

Companies that were mostly web-based prior to the crisis have faced less trouble in the past months, while businesses that were solely operating in-store are now kicking themselves.

Alex Fitzgerald, a manager of consumer practic e at consulting firm Kearney, says that while smaller businesses are quickly adapting to engage with customers online, large brick-and-mortar retailers, like most department stores, are having trouble keeping up.

These more traditional stores usually rely heavily on in-person shopping, especially in shopping malls, which have been shut-down amid the pandemic.

But out of the crisis could also come an opportunity for newer companies to gain market share online.

Fitzgerald says of the sudden surge in e-commerce, “If you think about long-term shifts, this is an acceleration towards digital. We were already seeing it, but this just changes it to beyond just commerce to really solidify the role that digital can play in engagement.”

It’s also important to recognize that people stuck at home might be more incentivized than ever to indulge in online shopping sprees.

The combination of boredom and a credit card might lead to great revenue streams for online businesses.

The post 3 Ways Retailers Can Survive in the Age of Lockdowns appeared first on Lifestyle UG.

Originally published at https://lifestyleug.com on April 28, 2020.